Media Tycoon Byron Allen Proposes $10 Billion Deal to Acquire Disney’s ABC, FX, and National Geographic Networks

Bryon Allen, a well-known media mogul, has propositioned Walt Disney Co. with what seems to be a good offer. For $10 billion, Allen would like to purchase its ABC network as well as FX and National Geographic.

A source close to the matter told CBS MoneyWatch that the deal would include ABC’s National TV network and several regional stations but added that it’s a “preliminary” offer that “could change” at any time.

The $10 billion figure is based on an estimation that the networks made $1.25 billion in earnings before interest, taxes, depreciation and amortization within the past year, the publication reported.

Allen’s proposal comes after Disney’s CEO Bob Iger previously said that the company was open to selling some of its television assets as consumers continue to move to streaming networks. Since then, the company has been in talks with potential buyers, including local broadcaster Nexstar, Bloomberg reported.

As per CBS reports, Disney grapples with financial challenges, with its streaming venture incurring substantial losses. Since the launch of Disney+ in 2019, the streaming service has already accumulated losses exceeding $11 billion. In the latest quarter alone, Disney reported losses amounting to $512 million.